Common prosperity

Common prosperity is an idea talked about by the Communist Party of China since Mao’s time to minimize the wealth gap that threatens China’s economic growth and the legitimacy of the Communist regime. Chinese President Xi Jinping recently pledged to make “solid progress” towards common prosperity by 2035 and achieve the overall goal by 2050.
The idea involves the Chinese government launching crackdown on excesses in industries, including technology and private tuition, making investments in the worldÂ’s second largest economy unattractive. The idea was first mentioned in the 1950s by Mao Zedong and later repeated in the 1980s by Deng Xiaoping, who is known for modernizing the economy hit by the cultural revolution.

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